Proposed Provision: B5.5. Beginning for those newly eligible in 2024, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which either 20 percent of the "old law maximum" is earned or a child is in care. Childcare years are granted to parents who have a child under 6, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 133 percent of the Census monthly poverty level (about $1,440 in 2021). For those with under 30 years of coverage, the PIA per year of coverage over 19 years is $1,440/11 = $130.90. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts. (d) Scale work requirements for disabled workers, based on the number of years of non-disabled potential work.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2022 | 230 | 230 |
2023 | 211 | 211 |
2024 | 194 | 194 |
2025 | 177 | 177 |
2026 | 160 | 160 |
2027 | 143 | 143 |
2028 | 126 | 126 |
2029 | 109 | 108 |
2030 | 91 | 91 |
2031 | 74 | 74 |
2032 | 57 | 57 |
2033 | 39 | 39 |
2034 | 21 | 21 |
2035 | 3 | 3 |
2036 | -16 | -16 |
2037 | -35 | -36 |
2038 | -54 | -55 |
2039 | -74 | -75 |
2040 | -95 | -96 |
2041 | -116 | -117 |
2042 | -137 | -138 |
2043 | -158 | -160 |
2044 | -180 | -181 |
2045 | -202 | -203 |
2046 | -224 | -225 |
2047 | -246 | -248 |
2048 | -268 | -270 |
2049 | -291 | -293 |
2050 | -313 | -316 |
2051 | -336 | -339 |
2052 | -359 | -362 |
2053 | -383 | -385 |
2054 | -406 | -409 |
2055 | -430 | -433 |
2056 | -453 | -456 |
2057 | -477 | -480 |
2058 | -501 | -505 |
2059 | -525 | -529 |
2060 | -550 | -554 |
2061 | -575 | -579 |
2062 | -601 | -605 |
2063 | -627 | -631 |
2064 | -654 | -658 |
2065 | -681 | -685 |
2066 | -708 | -713 |
2067 | -736 | -741 |
2068 | -764 | -769 |
2069 | -792 | -798 |
2070 | -821 | -827 |
2071 | -850 | -856 |
2072 | -880 | -886 |
2073 | -910 | -916 |
2074 | -940 | -947 |
2075 | -971 | -978 |
2076 | -1003 | -1010 |
2077 | -1036 | -1043 |
2078 | -1069 | -1077 |
2079 | -1104 | -1111 |
2080 | -1139 | -1147 |
2081 | -1175 | -1183 |
2082 | -1212 | -1220 |
2083 | -1249 | -1257 |
2084 | -1286 | -1295 |
2085 | -1324 | -1333 |
2086 | -1363 | -1372 |
2087 | -1402 | -1412 |
2088 | -1442 | -1451 |
2089 | -1481 | -1491 |
2090 | -1520 | -1530 |
2091 | -1558 | -1568 |
2092 | -1595 | -1606 |
2093 | -1632 | -1643 |
2094 | -1668 | -1679 |
2095 | -1703 | -1715 |
2096 | -1738 | -1750 |
2097 | -1773 | -1785 |
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